Life And Disability
Life and disability insurance should not be an option if you have loved ones who depend on you. The right policies can make sure your dependents are well taken care of if you are unable to provide for them. Let us walk you through the choices and leverage our relationships with multiple carriers to find the best coverage for you.
Which Type Of Life Insurance Is Right For You?
There are many types of life insurance available, and we’d be happy to discuss if they might be right for your specific situation.
Term Life Insurance.
Often the least expensive life insurance, term life’s main purpose is to replace your income when you die. It is typically sold in lengths of one, five, 10, 15, 20, 25 or 30 years and coverage amounts can vary greatly. It is common to buy term life insurance for a length long enough to cover your prime working years so that, if you die early, the policy will help your beneficiary meet short-term financial needs (paying off a mortgage or supporting your kids through college). It’s important to remember, though, that if you outlive your policy, your beneficiaries won’t receive a payout.
Whole Life Insurance.
Whole life has higher premiums than term life, but its advantages are that it typically covers you for your entire life and builds cash value. With a whole life policy, your premiums stay the same, you get a guaranteed rate of return on the policy’s cash value, and the death benefit amount doesn’t change.
Universal Life Insurance.
A universal life policy gives you the flexibility of adjusting your premiums (within limits) and has a cash value component that can grow based on market interest rates. Premiums generally increase over time, which means you must increase your payments or subtract from your cash value account or death benefit
Variable Life Insurance.
Variable life is a type of cash-value life insurance that is tied to investment accounts, such as bonds and mutual funds. For those who have a higher risk tolerance, variable life insurance offers the potential for considerable gains if your investment choices do well. While the death benefit is guaranteed, regardless of how the market fares, it is a good idea to be hands-on in managing your policy because the cash value can change daily based on the market.
Other Types Of Life And Related Insurance.
- Long-term care
- Burial
- Mortgage life
- Joint life
- Credit life
- Accidental death & dismemberment
Disability Insurance Works When You Can’t.
Expenses don’t stop just because you stop working. But disability insurance protects your income by providing a percentage of your salary if you’re unable to work due to illness or injury, or other medical condition. It can be either short-term, covering a brief period with benefits for up to a few years, or long-term, providing benefits for a longer duration, possibly even a lifetime.
Request A Personal Risk Review.
See what a review of your current insurance coverage uncovers. You may find that you’re adequately protected. You may find otherwise. Either way, you deserve to know for your peace of mind.